Activist investor Nelson Peltz declares Disney proxy fight is over after Iger unveils restructuring
Publishing timestamp: 2023-02-09 11:54:04
Summary
Nelson Peltz dropped his proxy fight against Disney after CEO Bob Iger unveiled vast reorganization, job cuts and cost-reduction plans. Peltz had criticized Disney's $71 billion acquisition of Fox in 2019 and failed succession planning. Disney announced sweeping reorganization this week, looking to slash $5.5 billion in costs and cutting 7000 jobs. Iger also aimed to ask board to approve reinstatement of its dividend by end of calendar year. These changes addressed many of Peltz's concerns, leading him to declare the proxy fight over.
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Keywords: nelson peltz, walt disney co, bob iger, business, markets, entertainment, breaking news: business, business news,